10-07-2009 / Million-dollar flats fall by a third

"Since October of last year the number of ‘apartment' millionaires has dropped to 190,974 and continues to drop on average by 4.8 per cent a month," said the report.

There are currently 89,000 owners of flats worth $1 million. Fifty-one thousand people own flats worth $1 million to $3 million and 28,000 people own flats worth $3 million to $5 million, while a further 22,000 people own flats worth more $5 million.

The report said that the largest number of apartment millionaires lived in the Central Administrative District - 55,100 people. The report broke down the remainder of the city as follows: 49,300 apartment millionaires in the Western Administrative District; 26,800 owners in the South-Western Administrative District; 17,500 in the North-Western Administrative District; 14,300 in the Northern Administrative District; 10,600 in the Southern Administrative District; 7,900 in the North-Eastern Administrative District; 4,400 in the Eastern Administrative District; 3,700 in the South-Eastern Administrative District and just 400 in Zelenograd.

According to the research, every fifth apartment in the centre is worth $1 million, compared with every eighth apartment in the city's west and every 18th in the south-west. However, the fastest drop in the number of owners of $1 million apartments was in the Central, North-Eastern and Northern administrative districts.

Meanwhile, research from the Miel real estate agency found that Moscow's most expensive residential real estate on the primary market was in the city centre, in the Yakimanka neighbourhood, with 34.1 per cent of primary-market offers falling in the most expensive segment and 63.5 per cent of offers falling into the mid-price category. The central Khamovniki neighbourhood followed, with 34.7 per cent and 47.3 per cent respectively. On the secondary market the most expensive properties were found in the Yakimanka and Khamovniki neighbourhoods, with the proportion of apartments falling into the most expensive price segment exceeding 35 per cent of all properties offered.

Source: Moscow News